Bonds still in range - for how long?

The US bond market has been a tight range for almost a year after the taper tantrum. Interestingly as the PMI index has climbed, interest rates have actually moved lower. There  is a greater chance for a break-out of this market as the mixed signals in the real economy are resolved. The focus of the optimists are on indices like the PMI which are showing positive signs. The pessimists are looking at the GDP number at -2.9 percent.